Iranian Oil Back on India’s Agenda Following US Sanction Waiver
On June 23, 2026, there has been a significant shift in the oil market as the United States has temporarily lifted sanctions on Iranian crude oil exports. This change may allow Iranian oil to once again make its way to India after years of restrictions.
The National Iranian Oil Company has begun reaching out to international oil companies, including several Indian refiners and trading houses, to restart commercial relationships, as reported by local news sources.
This development emerges from ongoing negotiations between the US and Iran, during which the US granted a temporary 60-day waiver on sanctions. This waiver permits the production, delivery, and sale of Iranian oil and associated products until August 21.
This new situation is particularly important for India, which used to be one of the largest importers of Iranian crude oil before the US sanctions forced it to halt imports in 2019. However, Indian refiners are proceeding with caution. Many oil-importing companies in India are avoiding dealings that may conflict with US sanctions to prevent any risks of secondary sanctions from Washington.
As this situation unfolds, it’s clear that Indian companies are closely monitoring the developments in hopes of re-establishing trade ties with Iran.
